Our plans for growth in Cayman.
We are beginning a journey to develop Cayman Islands products and services that have appeal to our target markets. We have ideas about what will be commercially viable and possible to offer, but will also be guided by developments as we start promoting the jurisdiction and will develop our offering accordingly.
Many factors are at play in a client’s decision to choose one jurisdiction over another; the available products and services, as well as the unique facets of the jurisdiction itself such as reputation, infrastructure, time zone, ease of access, personal affiliation and allegiance of peers, to name a few.
The funds industry is a particular strength of the Cayman Islands and this could potentially become the focus of our attention in the future.
While the product array of all offshore financial centres is similar, Cayman Islands STAR trusts are another example of a uniquely Cayman Islands product, being a hybrid trust that can be created for the benefit of tailored “purposes” and/or charities, quasi-charities and individuals.
The fund industry in Cayman Islands continues to go from strength to strength. Growth in the private client/trust area continues at a slower rate but with many of the major bank-owned trust companies withdrawing from the Cayman Islands market, this should ensure that independents like Hawksford increase their opportunities and market share.
It was a highly strategic decision by Hawksford to choose Grand Cayman as its jurisdiction in the Americas, as Cayman Islands and Jersey have many parallels. Both are high quality jurisdictions with significant infrastructure that attract premier clients, both corporate and private, from a global audience.
I believe that international business emanating from both North and Latin America will continue to come to favoured offshore jurisdictions such as Cayman Islands.
Massive infrastructure investment in Grand Cayman will increasingly promote the Cayman Islands to a wealthy cadre of visitors, residents and investors.
Additionally, Grand Cayman is also positioning itself for increasing numbers of Chinese clients for whom offshore structuring and investment outside of China is a new and highly desired opportunity.
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